The news sounds like the 2008 wellsIn the early summer of 2008, theCompany drilled its initial two wells in Preeceville in search of oil.The first well showed some indications of the presence of oil duringthe drilling - an oil film and droplets of oil in the drilling fluidcoming over the shaker were found, and that some oil staining was seenon some samples that were taken. Furthermore, some samples had goodporosity. However, due to the intersection of faults, the well deviatedand the drilling tools became lodged in the hole and cannot bedislodged. As a result, the well was abandoned.
Drilling of the second well wascompleted and the Company discovered oil in two formations. The wellreached the basement and the Company then drilled a further 15 metresof overhole to allow for production. Unfortunately, following thecompletion of the perforating and testing, it was determined that thewell did not have any production capabilities.